“I was very pleased with the straightforward advice received from Richard Bamforth when looking to consolidate a relatively small defined benefit pension into my main small self-administered scheme (SSAS). Most advisors either wanted to charge a huge amount for the government-required advice, or wouldn’t even deal with my enquiry since I wasn’t looking to use their managed funds. Richard was thorough in his investigation, and reviewed the options carefully, while taking into account my individual situation. I would recommend Richard Bamforth's services to anyone looking for expert, independent financial advice.”
When planning how your estate will be distributed after you die, the most common factors for doing so are to ensure that your wealth is inherited by others as you wish and that it is done in the most tax-efficient way.
There are a number of things you can do to reduce your taxable estate, such as having an up-to-date will and gifting a number of assets or financial amounts while you are alive; but in some cases, these measures are not enough and using a trust may be recommended.
By placing assets into a trust you pass ownership to the trustee, and therefore they may not be counted as part of your estate and will not be subject to inheritance tax after your death.
Navigate Wealth can provide you with clear and easy to understand advice to help you understand whether a trust is the ideal option for you.
To speak to one of our experienced team members about trusts, or to arrange a free consultation, get in touch with the Navigate Wealth team on 0345 340 9690 or use our .
What is a trust?
A trust is a legal arrangement within which a trustee holds assets for a beneficiary.
The trustee or beneficiary can be one or more individuals or a company, both of whom can be the same person or company.
Most commonly, assets such as money, property or investments are put into trusts. They can be held for a period of time, for example when the beneficiary reaches a certain age, or they can be held to provide a certain benefit such as a place to live.
You may want to use a trust in the following circumstances:
- If a beneficiary isn’t able to manage the assets you want them to inherit at the time you set up the trust, such as a dependent child
- To help your beneficiaries pay inheritance tax, to cover the amount to be paid
- To set aside money with yourself as the beneficiary, to ensure that your money is used to look after you in the event that you cannot look after yourself
Types of trusts
There are a wide range of different trusts available and the type you choose will be dependent on what you want it to do. Some of the most common types of trust are:
- Bare trust
- Interest in possession trust
- Discretionary trust
- Mixed trust
- Trust for a vulnerable person
- Non-resident trust
Setting up a basic trust (such as a bare trust) can be quite simple, although others are much more complex - so it is strongly advised that you seek expert advice to ensure that your estate plan aligns with your long-term financial goals.
Our expert team will help you navigate the separate rules and taxes that apply to different trusts, to help you identify which option is best to secure your family’s financial future.
To find out more about transferring assets to a trust, or to arrange a free consultation, contact the Navigate Wealth team on 0345 340 9690 or use our .